“Rosneft due to the sanctions, has suspended one of the projects on the shelf of the Black sea

– The Agency has satisfied the petition “Rosneft” about the suspension for five years of validity of the license for geological study, exploration and production of hydrocarbons at the Yuzhno-Chernomorskiy license block, located in the Eastern part of the Black sea, has reported “Interfax” the representative of the oil company.

According to experts, in terms of negative macro-economic situation and the sanctions restrictions at the moment, the project is economically inefficient, he explained.

“Besides, the market of oilfield services no drilling vessels and drilling equipment, relevant to the requirements claimed by the company to implement the project on construction of a well at the Yuzhno-Chernomorskiy license block,” he added.

“Rosneft” will constantly monitor the market, monitor changes in the macroeconomic parameters and in the case of improving price environment triggers early resumption of mineral rights South of the black sea area,” he said.

“Rosneft” does not change the plans for work on the West black sea license block in the Black sea and will soon start drilling exploration wells in conjunction with Italian oil company Eni, said the representative of “Rosneft”.

Rosneft owns licenses on the shelf of the Black sea “Tuapse trough”, Western black sea area, South of the black sea area.

“Rosneft” in 2010 received a license for geological study, exploration and production of hydrocarbons within the South black sea area in 2010. It is located in the deep Eastern part of the continental shelf of the Black sea. The site area is about 7 thousand sq. km, Recoverable resources of the South black sea section estimated at 469 million tonnes. Exploration for resources requires substantial investment in connection with large sea depths (1-2 km). Rosneft was considering the possibility of attracting partners for this project.

Programme of prospecting-evaluation works on the South sea plot involves the execution of 2D seismic studies in the amount of not less than 2 thousand running. km to the end of 2013, 3D is not less than 1 thousand sq km until the end of 2018, to the end of 2019, it was necessary to end the construction of at least two exploration wells, including up to the end of 2017 not less than one well.

“Rosneft” planned in partnership with Eni to commence exploration drilling in Western black sea section in the second half of 2017. Drilling was attracted by the semi-submersible exploration platform Scarabeo 9, owned by Saipem.